Citibank Singapore has seen a significant surge in its digital wealth management transactions, increasing by 165% over the past two years. This growth follows a comprehensive overhaul of its mobile app and website, along with the introduction of over a hundred new features for its wealth products.
According to Gourab Kundu, head of digital growth for Asia South at Citi Wealth, the bank focused on making its digital platforms “speak in the wealth language.” This included a complete redesign of how they communicate with clients through their website and mobile app. Currently, four out of five of Citi’s wealth clients regularly use their digital app.
Key Digital Enhancements
One of the most impactful changes has been the auto top-up feature, which now allows brokerage clients to invest directly in US dollars. Citi handles the real-time foreign currency conversion on the backend. This was a crucial development as 70% of their brokerage transactions from Singapore clients involve US markets, and previously, clients had to manually convert Singapore dollars to US dollars. Now, over 90% of their brokerage transactions are completed digitally.
Additionally, Citi doubled its mutual fund transactions by simplifying the investment process and introducing an easy-to-use visualizer for clients to monitor their wealth portfolios.
Hybrid Client Experience and Future Plans
Kundu emphasized that Citi’s wealth management approach is centered on “hybrid experiences,” combining digital convenience with human interaction. While digital platforms allow clients to swiftly authorize transactions and review product information within the app, relationship managers can still engage with clients through secure channels like WhatsApp.
Looking ahead, Citi’s global wealth management arm plans to focus on real-time payment processing, leveraging Citi’s global reach. They recently launched real-time cross-border payments in India, the UK, and Thailand, observing “solid improvements in the uptake” of this service.
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